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The cryptocurrency market experienced an exhilarating phase with Bitcoin Dominance Surges as it hits a year-high at $44,408.67, marking a significant surge of 15.43% over the past week. This substantial growth propels the market into what’s deemed an “Extreme Greed” phase, potentially igniting an unprecedented surge in the near future.
Key Highlights:
- Bitcoin (BTC) reaches a year-high at $44,408.67, triggering a 15.43% surge in a week.
- Market enters an “Extreme Greed” phase, signaling a potential unprecedented surge.
- Bitcoin’s sustained growth reshapes altcoin fortunes, expanding its dominance in the market.
- Conflicting views arise on Bitcoin’s trajectory, whether to sustain its ascent or correct.
- Prevailing “extreme greed” sentiment hints at potential Fear of Missing Out (FOMO) among traders.
Bitcoin Dominance Surges As It Drives Bullish Trend
The meteoric rise of Bitcoin stands as the primary driver of this bullish momentum, significantly influencing the fortunes of altcoins. Its consistent growth throughout the year and the previous quarter has notably expanded its dominance across the entire market. However, the current scenario places Bitcoin at a critical juncture, with conflicting opinions on its trajectory—whether it will sustain its ascent or undergo a corrective phase.
Potential FOMO Triggers Amid ‘Extreme Greed’ Sentiment
Anticipating potential outcomes, the prevailing “extreme greed” sentiment hints at a likely influx of traders driven by the Fear of Missing Out (FOMO) should the coin showcase further impressive surges. While predicting Bitcoin’s year-end price remains challenging, the consensus suggests an upward trajectory leading to the early January approval window, likely influencing significant price actions.
Read More: Bitcoin Reached $44K as BlackRock Gears Up for Spot BTC ETF
Bitcoin Dominance Surges Price Predictions
Numerous analysts have chimed in on Bitcoin’s future outlook, providing diverse predictions. Among these, the forecast from Adam Back, a prominent investor and Blockstream CEO, holds significance. Back’s outlook aligns with a strong likelihood of a spot Bitcoin ETF gaining approval by the SEC, potentially prolonging the “extreme greed” designation.
This projection underscores the ongoing momentum driving Bitcoin’s dominance and its lasting impact on market sentiment. The continuous surge in Bitcoin’s price reinforces expectations of further growth and sustained market fervor.
